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Swee Hong posts 1H17 turnaround with $27.4 mil net profit

Michelle Zhu
Michelle Zhu2/14/2017 07:13 PM GMT+08  • 1 min read
Swee Hong posts 1H17 turnaround with $27.4 mil net profit
SINGAPORE (Feb 14): Swee Hong has announced its second consecutive quarter of profitability with 2Q17 earnings of $2.1 million from its $5.5 million loss a year ago – which brings the civil engineering group’s net profit for 1H17 to $27.4 million, com
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SINGAPORE (Feb 14): Swee Hong has announced its second consecutive quarter of profitability with 2Q17 earnings of $2.1 million from its $5.5 million loss a year ago – which brings the civil engineering group’s net profit for 1H17 to $27.4 million, compared to its loss of $7.1 million in the first half of FY16.

Revenue in 1H17 grew 77% to $26.4 million compared with $14.9 million in 1H16, mainly due to increased progress of ongoing projects, which led revenue from the civil engineering and tunnelling segments to grow by $8.8 million and $2.7 million respectively.

Correspondingly, the group’s gross profit increased from $1.3 million in 1H16 to $5.9 million in 1H17, buoyed by decreased costs.

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